The company that primarily operates the factual television networks including Discovery Channel will leave its headquarters in Silver Spring, Maryland, where it employs roughly 1,300 people.
Discovery Communications will relocate its global headquarters to New York City in 2019, CEO David Zaslav said.
The current media distribution facility in Sterling, Va., will become a global technology center and the Maryland Network Hub will continue to run. Discovery which employs 7,000 people globally said it will operate the nation’s capital by maintaining government relations and other functions. The company also said that it will maintain its technology and distribution facility in Sterling, Virginia.
Discovery communication operates the cable network like TLC, Animal Planet, Investigation Discovery, Science, Discovery Channel, and other spin-off brands, set up shop in Silver Spring 14 years ago. Discovery occupies 545,000 square feet, in late 2019 and now it is expected to sell its Silver Spring building at One Discovery Place. According to the report, the property is valued at about $144 million.
Discovery CEO David Zaslav said in a statement, “The decision to move our global headquarters from its founding home is one we do not make lightly.” “The media industry is rapidly evolving, increasingly global, more consumers focused and more multi-platform and Discovery must evolve with it,” David Zaslav added.